Norfund, Norway's climate investment fund, and KLP, Norway's largest pension company, have committed to providing equity and guarantees for a 168 MW wind farm being developed by Enel Green Power in India. The project is expected to produce about 700 GWh per year, which will avoid the emission of about 573,000 tons of CO2 per year as India's current energy source is mainly coal. The investment is part of the Climate Investment Fund's first-year total commitment of NOK 2.14 billion, which will distribute NOK 10 billion over the next five years. The project is the third investment under the Climate Investment Fund, with KLP as co-investor. The government has committed NOK 10 billion over the next five years to fund projects that are estimated to avoid emissions of 6.2 million tonnes of CO2e per year.
Reliance Industries, led by billionaire Mukesh Ambani, could earn $1-1.5 billion from its new energy business by 2030 and invest $2 trillion in India by 2050. The company plans to have 100GW of installed solar capacity by 2030, accounting for 35% of India's targeted capacity. The company aims to become a net zero carbon company by 2035 and is building a fully integrated end-to-end renewable energy ecosystem for customers through solar, batteries and hydrogen. The Indian government has set a target to install 500GW of renewable energy capacity by 2030, with solar accounting for the lion's share.
GE Vernova has been selected by Amplus Solar as the supplier of onshore wind turbines for a 108 MW Tamil Nadu project. The company will supply and commission 40 units, marking India's order book exceeding 3 GW, with the aim of reaching 5 GW of installed wind capacity by early 2024. The wind farm is expected to be commissioned in August 2024.
Cepsa and Iberdrola have signed an agreement to transport green hydrogen between Spain and the Netherlands, aiming to become a leader in green hydrogen. Cepsa hopes to sell some of its products to industrial customers eager to decarbonize the European economy through the Netherlands. The agreements will help create a green hydrogen sea corridor between Algeciras and Rotterdam and allow Cepsa access to its transport network in the Netherlands. Iberdrola plans to invest 3 billion euros in its flagship green hydrogen project in Andalusia, which includes a 1 billion euro green ammonia plant.
Climate change think tank ECCO and consultancy Artelys said Italy would need to add 190 gigawatts of renewable energy capacity by 2035 to achieve a G7 net-zero electricity system. The country relies heavily on the electricity system, with more than 50 percent of its electricity coming from natural gas, oil or coal. To achieve this goal, Italy needs to increase its installed solar and wind capacity by 7 sites by 2030 and by 8 sites by 2035. By 2035, electricity generation from natural gas will be almost zero, and thermal power plants will be converted to hydrogen and biogas.
Athein is seeking to raise $250 million to $300 million in equity from investors to fund its planned solar and wind projects in India, the Philippines and Vietnam. The company has hired Hong Kong-based Green Horizon Capital Partners to advise on the equity raise. India and Southeast Asian countries are rapidly increasing their use of renewable energy due to blackouts and climate change. The equity financing is Athein's first joint venture with five solar companies.